Benezett, Pennsylvania Property Taxes
The median property tax rate in Benezett, PA is 2.90%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Benezett, the typical annual property tax bill reaches $345, which is below the national median of $2,690. Property taxes in Benezett are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Benezett's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Benezett or another part of Elk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Benezett, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.9%
Estimate Property Tax Bill
$345
Ownwell’s Benezett Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Benezett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benezett to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Benezett, Pennsylvania
Property taxes in Benezett, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benezett is 2.90%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Benezett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benezett estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Benezett's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15821 zip code has both the highest and lowest median property tax rate of 2.90%. Understanding how these areas compare with Benezett provides valuable insights into the varying tax landscape across Elk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benezett Tax Rate
2.90%
Average Elk County Tax Rate
3.06%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benezett, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15821 | 2.90% | 2.90% | 2.90% | 2.90% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Benezett, Pennsylvania
In Benezett, Pennsylvania, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Elk County Assessment Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Benezett, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the median home price in Benezett is $11,900, with the 25th percentile tax bill at $197 and the 75th percentile at $708. The zip code 15821 has the highest median tax bill at $345. Being aware of these valuation processes in Benezett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Benezett Assessed Value
$11,900
Average Elk County Assessed Value
$39,300
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benezett, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15821 | $3,200 | $6,800 | $11,900 | $24,400 | $44,860 |
Source: Ownwell
Property Tax Bills Across Benezett, Pennsylvania
In Benezett, PA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the market value of the property. Homeowners in Benezett can expect a median home price of around $11,900, with tax bills varying significantly across different percentiles. For example, the 25th percentile tax bill is approximately $197, while the 75th percentile tax bill is about $708. At the 90th percentile, the tax bill can reach up to $1,301. These tax bills are influenced by several factors, including property location, size, and condition. The local tax rate in Benezett impacts the final amount due, with the highest and lowest median tax bills both reported at $345 in the zip code 15821. Compared to the national median property tax rate of 0.99%, homeowners in Benezett experience a range of tax obligations that can significantly affect their annual expenses.
Average Benezett Tax Bill
$345
Average Elk County Tax Bill
$1,325
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Benezett, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15821 | $93 | $197 | $345 | $708 | $1,301 |
Source: Ownwell